What Is an FSA Debit Card?

Guide to FSA Debit Cards

If you have a flexible spending account, an FSA debit card allows you access these pre-tax dollars you’ve set aside. With an FSA debit card, you can pay for qualifying medical purchases without having to file a reimbursement claim through your employer.

In other words, an FSA debit card can make your healthcare spending that much easier. But it’s important to understand the full story on how these cards work to make sure you get the most out of one.

This guide will coach you through that, including:

•   What is an FSA debit card?

•   How can you get an FSA debit card?

•   How do you use an FSA debit card?

•   What are the pros and cons of an FSA debit card?

•   When should you use your regular debit card instead?

Read on and you’ll learn the best FSA debit card practice so you can benefit from the money in your flexible spending account.

What Is an FSA Debit Card?

An FSA debit card will typically come with your flexible spending account, which is a tax-advantaged account offered through an employer’s benefit package. The funds in your FSA can be used to help cover out-of-pocket medical expenses.

For 2025, once you’re enrolled in an FSA account, you can contribute up to $3,300 (an increase of $100 from the 2024 limit). If you’re married and your spouse has a plan through their employer, your spouse can also contribute up to $3,300 to that plan. This would allow you to jointly contribute up to $6,600 for your household.

An FSA debit card looks and performs like a bank debit card, but it is connected to your flexible savings account, not your checking. You can only use it to pay for qualified medical and dental expenses not covered by your health insurance.

Worth noting: You may wonder what an HSA vs. FSA is. Though they sound alike, a flexible spending account works differently than a health savings account (HSA). You can only get an FSA through an employer; freelancers and self-employed individuals are not eligible. Also, HSAs are only available to those who are enrolled in a high deductible health plan, or HDHP.

Recommended: Benefits of Health Savings Accounts

Ways That You Can Use an FSA Debit Card

There are quite a few FSA rules and regulations dictating what you can spend your untaxed funds on.

The list of FSA-eligible expenses is extensive, covering everything from co-pays to bandages. Here are just some of the things you may be able to use your FSA debit card for:

•   Medical copays and deductibles

•   Prescription medications

•   Approved over-the-counter drugs, such as allergy, cough, and pain medications

•   Testing kits, including those for COVID-19 and cholesterol

•   Crutches, canes, and walkers

•   Dental expenses, including crowns and dentures

•   Vision expenses, including glasses and contact lenses

•   Fertility treatments

•   Hospital and ambulance fees

•   Lab fees

•   Acupuncture, chiropractic treatments, and massage therapy.

Ways That You Cannot Use an FSA Debit Card

An FSA debit card can be a convenient way to pay for medical fees, prescriptions, and other health-related items your health insurance doesn’t cover. But not all wellness-related expenses are covered. Here are some things you cannot use an FSA card for, including:

•   Groceries. Although diet is an important part of a healthy lifestyle, your FSA card won’t pay for, say, organic beef and green beans.

•   Cosmetic procedures. Expenses for electrolysis, face lifts, hair transplants, and the like are typically not covered.

•   Dining out. You can’t use an FSA debit card at a restaurant, even if it’s a vegan or “health food” eatery

•   Vitamins and nutritional supplements, unless you can prove they were prescribed by a physician

•   Getting cash. Unlike with a debit card, you will not be able to use an FSA card to withdraw cash funds from your account.

Recommended: Guide to Practicing Financial Self-Care

Process of Getting an FSA Debit Card

The steps to getting an FSA debit card are pretty straightforward:

•   Sign up for an FSA account offered by your employer. There is typically an “open season,” a window of time during the year when you are eligible to enroll.

•   Make a contribution or set up a contribution commitment for the account. These accounts are typically pre-funded, by the way, which is a nice perk. What that means: If you enroll in an FSA on January 1st and pledge to contribute $2,400 over the year, paying $200 a month, the $2,400 becomes available for you to use right away.

•   Wait for your FSA debit card. Once you enroll and contribute to your FSA account, the debit will be sent to your address. This can take 7 to 10 business days.

Recommended: HSA vs. HRA: What’s the Difference?

Pros and Cons of FSA Debit Cards

If you are someone who anticipates having frequent out-of-pocket healthcare expenses, a flexible spending account and an FSA debit card can be convenient. It can be a good way for you to save pre-tax dollars and put them toward those expenditures.

However, it’s worthwhile to consider both the upsides and downsides to having an FSA debit card:

Pros of having an FSA account and debit card

•   Easy access to tax-free funds to spend on qualifying medical expenses. You can use the FSA card like a debit card to make payments.

•   Online shopping. You can use your FSA debit card for online shopping, as long as it’s with a vendor that accepts the FSA card. Amazon, CVS, and other online shopping sites identify which items are FSA eligible, making shopping even simpler.

•   Avoiding pesky paperwork. Using the FSA debit card means you don’t have to keep track of receipts and file a reimbursement report with your employer.

•   No cash out-of-pocket. With an FSA debit card, you’ll avoid a trip to the ATM or having to use your personal debit card, and you won’t have to wait for a reimbursement. What’s more, you can avoid using a credit card for some health-related expenses, thereby possibly avoiding hefty interest charges, too.

Cons of having an FSA debit card

Here are some potential downsides to using an FSA debit card:

•   Contributions are use-it-or-lose-it. In many cases, if you don’t use your FSA funds by the end of the year, you will forfeit the remaining balance. Some employers may allow for a grace period to spend the money or for certain amounts to be rolled over. But this aspect is probably the biggest drawback of having an FSA account and debit card.

•   If you leave, the money stays. Usually, if you quit or change jobs, the money you contributed to your FSA stays with your employer.

•   No reward perks. You won’t get any bonus miles or other award points from swiping an FSA debit card.

Recommended: Beginner’s Guide to Health Insurance

FSA Debit Card vs Traditional Debit Card

An FSA debit card and personal debit card from your bank or credit union share a number of features. Both provide access to funds for in-person purchases, and you should have no issues using a debit card online nor an FSA debit card.

But there are some distinct differences between an FSA debit card and traditional debit card, including:

FSA Debit Card Traditional Debit Card
FSA debit cards can only be used to purchase qualifying medical expenses Debit cards from a bank can be used to purchase just about anything
With an FSA debit card, it’s a good idea to keep the receipts from your purchases, in case you need them for your employer or the IRS Debit card purchases are personal, and typically don’t require reporting to the IRS
Account funds attached to an FSA debit card can expire at the end of the year There’s no time limit for spending your own personal account money
FSA debit card purchases don’t usually come with any reward perks or bonus points With some debit cards, you can build up reward points and bonus miles with every purchase
You can only use FSA debit cards at stores and medical locations that accept them You can use your debit card at almost any store, venue, or medical facility that accepts card payments
You cannot get cash with your FSA card You can get cash with your traditional debit card, whether at an ATM or other location

Recommended: What Is a Debit Card?

The Takeaway

Using an FSA debit card can be a hassle-free way to pay for qualifying, out-of-pocket medical expenses. These cards function much like a traditional debit card, helping you pay for health-related items with the pre-tax dollars that are in your account. However, if you have one of these cards, it’s wise to know the pros and cons so you can use it most effectively.

3 Money Tips

1.    If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

2.    If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

3.    When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

Can you be denied an FSA debit card?

If you qualify for an FSA account through your employer and the account comes with an FSA debit card, there’s little chance you would be denied one, unless you have missed the deadline for the enrollment period.

Is it good to have an FSA debit card and a traditional debit card?

It’s wise to have an FSA debit card and a traditional debit card. You can only use an FSA debit card to pay for qualifying medical expenses at vendors who will accept it.. You will likely need a standard debit card to pay for groceries, clothes, and life’s other expenses.

Can I withdraw cash with an FSA debit card?

Unlike with a traditional debit card, you cannot withdraw cash with an FSA debit card.

Does a bank provide an FSA debit card?

An FSA debit card is not provided by a bank, but rather through a vetted healthcare FSA vendor chosen by your employer.


Photo credit: iStock/praetorianphoto

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SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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How to Pay Your Taxes With a Credit Card

Can You Pay Taxes With a Credit Card?

In many cases, you can pay your taxes with a credit card. Whether you want to pay the IRS with a credit card so that you can earn rewards or have a bit of financial breathing room, it’s important to be aware of the implications of using such a payment method, such as fees and interest you may pay. Read on to learn more about how to pay taxes with a credit card.

Key Points

•   Paying taxes with a credit card is often possible.

•   Paying taxes with a credit card can earn rewards like cash back, miles, or points.

•   Third-party processing fees for credit card tax payments can cost a couple or a few percentage points of the balance due.

•   Using a 0% APR credit card allows spreading tax payments interest-free.

•   High interest charges can apply if the tax balance is not paid off promptly.

Can You Pay Federal Taxes With a Credit Card?

Yes, you can. More specifically, you can pay your federal taxes with a credit card (and in some cases, you may even be able to pay your state taxes with one as well). The IRS offers different third-party payment processors that accept credit card payments for taxes.

Keep in mind that if you pay the IRS with a credit card, this type of transaction isn’t free, given how credit cards work. Whichever third-party payment service provider you choose, you’ll be charged additional processing fees for the convenience of using your credit card to pay taxes. For example, all of the third-party options charge a percentage of the amount you’ll be paying in taxes, but there’s also a minimum flat fee you’ll owe.

In addition, there may be limitations on how many times you can use your credit card for IRS payments. For instance, if you wanted to pay your personal income taxes, you can only do so twice per year for the current tax year due. However, if you worked out a monthly payment plan with the IRS, you can pay with a credit card up to two times per month.

What to Know Before Paying Taxes With a Credit Card

Before pulling out your credit card to pay your taxes, it’s important to know what your goals are. Here are some common reasons taxpayers choose to pay their taxes with a credit card:

•   You may earn rewards points, cash back, or miles. Many consumers love to earn perks offered by their credit card issuers and see it as a major benefit of what a credit card is. Even with the additional fees associated with paying taxes with a credit card, you may feel like the rewards offset what you’ll pay. In other words, if the value of the rewards is much higher than the service fees, it might be worth using your card. As an example, say you’ll be able to earn 4,000 rewards points from your tax payment, which equates to $100 toward a flight or hotel room. If you owe $3,000 in federal taxes and the third-party payment service charges a 2% fee, you’re effectively paying $60 in fees to earn $100 in rewards. Whether that’s worth it is up to you.

•   It’s possible to earn a major rewards bonus. If you signed up for a new rewards credit card and need to meet a minimum spending threshold to earn a huge bonus, it might be worth considering paying your taxes with that credit card. For instance, if you signed up for a credit card offering 50,000 bonus miles — an equivalent to $1,000 worth of travel — paying a $4,000 tax bill with a payment service charge of 2% equates to $80 in fees. Assuming that meets your minimum spending threshold, the value you receive is pretty high. Just make sure you can make more than your credit card minimum payment, and ideally your full balance, to avoid interest accruing.

•   You’ll gain the ability to spread out your payment. Paying taxes with a credit card might be worth considering if you’re looking for a low-cost way to spread out your tax payments. If you have excellent credit, you may qualify for a credit card offering a 0% introductory annual percentage rate (APR), meaning you’ll have time until the offer runs out to pay off your taxes interest-free. Sure, you’re paying card processing service fees, but that could be worth it to spread out your payments. However, many credit card companies have terms and conditions that stipulate how you can remain in good standing for the introductory offer for the APR on a credit card — make sure you’re following them, or you could end up paying a high amount in interest.

What Is the Fee for Paying Taxes With a Credit Card?

As mentioned, the amount of the fee you’ll owe for paying taxes with a credit card will vary depending on which payment processor you use. Here’s a look at how much each processor’s fees run:

Payment Processor

Fee Rate

Minimum Fee

Pay1040 2.89% $2.50
ACI Payments, Inc. 1.85% $2.50

Pros and Cons of Paying Taxes With a Credit Card

There are advantages and disadvantages to paying the IRS with a credit card. Here’s an overview of the pros and cons, which will be covered in more detail below:

Pros of Paying Taxes With a Credit Card

Cons of Paying Taxes With a Credit Card

Earn cash back and credit card rewards Third-party payment processors charge fees
Meet spending thresholds for bonus rewards earnings Rewards earnings may not offset fees paid
Use a convenient form of payment Potentially pay high credit card interest rates if you carry a balance or the introductory APR period ends before your balance is paid off
Spread out payments interest-free if using a card with 0% introductory APR IRS payment plan interest rates may be lower than what’s offered by credit cards

Pros of Paying Taxes With a Credit Card

There are the major upsides of paying the IRS with a credit card, including:

•   You can earn cash back and credit card rewards. By putting the amount of your tax bill on your credit card, you might earn some credit card rewards. Just make sure your rewards earnings will offset any fees you’ll pay (though rest assured, taxable credit card rewards usually aren’t a thing, except in certain cases).

•   It can help you meet spending thresholds to earn bonus rewards. Often, credit cards that offer bonuses require you to spend a certain amount within a specified period of time in order to earn them. If you’re struggling to reach that threshold, paying your taxes with your credit card could help, allowing you to snag those bonus rewards.

•   It’s a convenient form of payment. Anyone who has paid with a credit card knows it’s easy. You don’t have to fill in various bank account numbers like you otherwise would if you opt to cover your tax bill with a credit card.

•   You can spread out payments — and interest-free, if you have a 0% APR card. If you’re tight on cash or simply want to spread out your tax payment, a credit card can enable you to do so. Even better, if you have a card that offers 0% APR, you’ll avoid paying any interest while you space out your payments.

Cons of Paying Taxes With a Credit Card

It’s not all upsides when it comes to paying taxes with a credit card. Make sure to consider these drawbacks as well:

•   You’ll pay third-party processing fees. Perhaps the biggest drawback of paying the IRS with a credit card is you’ll pay fees. The exact amount you pay in fees will vary depending on which third-party payment processor you use, but they can range up to almost 3%. If your tax bill is $1,000, for example, you could pay up to almost $30 in fees.

•   The rewards you earn might not offset the fees. If your rewards rate is close to the amount in fees, those two will effectively cancel each other out. In other words, you’ll pretty much break even if you pay roughly the same amount in fees as you earn in credit card rewards, which might not make using a credit card worthwhile.

•   You could end up paying interest at a steep rate. If you aren’t able to pay off your balance in full by the statement due date, or if for some reason you don’t pay off your full balance by the time your 0% APR intro offer ends, interest charges will start racking up. Plus, credit card interest rates tend to be pretty high compared to other types of loans.

•   There might be lower interest rate payment plans available. If you’re hoping to spread out your payments, using a credit card might not be your most cost-efficient option. The IRS offers a payment plan for those who qualify, and the interest rate can be lower than the APR on a credit card.

Recommended: Understanding Purchase Interest Charges on Credit Cards

How Do You Pay Taxes With a Credit Card?

If you’ve decided you want to use your credit card for tax payments, here’s how you do it.

1. Decide Which Credit Card to Use

Consider your reasons for using a credit card — is it to earn rewards, meet a minimum spending threshold, or spread out your payments interest-free? Whatever it is, make sure to choose a card that meets your goals. If you want to open a credit card, then you’ll want to make sure you receive the card in time to pay the IRS before the tax filing deadline.

Recommended: When Are Credit Card Payments Due?

2. Determine the Amount You Want to Pay

Whatever the amount is, ensure it’s well within your credit card limit. You can spread your payments over multiple credit cards, but keep in mind the transaction limits that the IRS imposes for certain payments.

3. Choose a Third-Party Payment Processor

The IRS website currently lists three approved payment service providers that you can use. Compare which one offers the best features and lowest fees for your situation.

4. Make Your Payment

Once you’ve selected which payment service provider you want to go with, head to their website and follow the instructions. You may be asked to provide information such as the credit card expiration date and CVV number on a credit card. Double check that you’re making the right type of payment and that all the information you’ve entered is accurate before pressing submit.

Recommended: When Are Credit Card Payments Due?

Other Ways to Cover Your Tax Bill

If you’re not convinced the costs involved in credit card payment are worth it, there are other ways that you can pay your taxes.

Direct Pay With Bank Account

While this option won’t allow you to earn rewards or spread out your payments, you’ll also steer clear of paying any fees or potentially owing interest. To make a tax payment directly from your bank account, you’ll simply need to select this option and provide the requested banking information, such as your bank account and routing numbers.

IRS Payment Plan

If you’re hoping to be able to pay off your balance over time, you can apply for a payment plan with the IRS. You may qualify for a short-term payment plan if you owe less than $100,000 in combined tax, penalties or interest, or you could get a long-term payment plan if you owe $50,000 or less in combined tax, penalties, and interest and have filed all required returns.

Note that this option may involve fees and interest though. The costs involved will depend on which type of plan you’re approved for.

Recommended: Tips for Using a Credit Card Responsibly

The Takeaway

You can pay taxes with a credit card. Paying taxes using a rewards credit card is a great way to earn perks, helping you maximize your spending. However, there are downsides to consider as well, such as the third-party processing fees and the potential to run into high credit card interest if you don’t have a good APR for a credit card.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

What does it cost to pay taxes with a credit card?

Third-party payment processors charge a service fee to pay your taxes with a credit card. In many cases, it’s typically a percentage of your payment amount, with a minimum flat fee charged.

Does paying taxes with your credit card earn you rewards?

Paying taxes can earn you rewards, depending on the type of credit card you use. Many rewards credit cards offer cash back, miles, or travel points on qualifying purchases. Before doing so, it might be helpful to determine whether the value of the rewards earned will outweigh the fees you’ll pay.

Is it better to pay taxes with a credit card or debit card?

Both methods of paying your taxes can be a great choice, depending on your financial situation. If you’re not interested in earning rewards or spreading out your payments and have the cash on hand, you can pay with a debit card. Some may prefer to pay with a credit card because they feel it’s a more secure way to make payments.

Are credit cards the cheapest way to pay your tax bill?

No. Paying your taxes with a credit card will add an additional fee onto your tax bill, plus you could end up paying interest if you don’t pay off your full statement balance by the due date. Other options, such as direct pay with your bank account don’t involve paying fees or interest.

Can you pay state taxes with a credit card?

It depends. Some states do facilitate tax payments with a credit card. To find out if yours does, check your state’s tax website for more information.

Can you pay property taxes with a credit card?

Once again, it depends which state you live in. Many counties and cities will allow you to pay property taxes with a credit card, though not all do. Reach out to your local tax collector’s office to see which payment options are accepted.


Photo credit: iStock/Moyo Studio

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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What Is Deposit Insurance?

Deposit insurance is a guarantee by the federal government that the money in a bank customer’s account is insured up to a specific amount. Deposit insurance is typically provided to bank customers by the Federal Deposit Insurance Corporation (FDIC), an independent federal agency that works to make sure deposits are safe in the event of bank failures. Currently, up to $250,000 per depositor, per account ownership category, per insured bank is covered as long as the money is in an FDIC-insured financial institution. The National Credit Union Administration, or NCUA, covers money held in credit unions in a similar manner.

Most, but not all, banks offer this kind of safety net. Read on to learn more about how deposit insurance works, plus ways to make sure your money is protected.

Key Points

•   Deposit insurance guarantees bank customers’ money up to a specific amount by the federal government.

•   In the United States, the FDIC provides this insurance for banks, covering up to $250,000 per depositor per account ownership category at participating banks.

•   Deposit insurance protects funds in the very rare event of a bank failure.

•   The FDIC’s role is to maintain stability and confidence in the U.S. financial system.

•   Since the FDIC’s inception, no depositor has lost any FDIC-insured money.

Definition and Purpose of Deposit Insurance

Deposit insurance protects the money customers have in deposit accounts in FDIC-insured banks in case there is a bank failure. What is the FDIC specifically and what does it do? The agency was created in 1933 after the Great Depression, when thousands of banks failed. The purpose of the FDIC is to protect bank customers and maintain stability and confidence in the U.S. financial system. Since its creation, no depositor has lost any FDIC-insured money.

The funds you have in an FDIC-insured bank, whether it’s in a savings account or a checking account, are insured up to $250,000 per depositor, per account ownership category, per bank. In the very rare event that your bank fails, your money will be covered up to the insured amount.

In the case of bank failure, the FDIC historically pays customers within a few days up to the insured limit. This typically happens in one of two ways: The FDIC provides the customer with the insured amount in a new account at another insured bank, or they send the customer a check for the insured amount.

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No account or overdraft fees. No minimum balance.

Up to 3.80% APY on savings balances.

Up to 2-day-early paycheck.

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FDIC insurance.


How Deposit Insurance Works

Deposit insurance works by protecting customers’ money in the event their bank fails. If a bank shuts down, the FDIC reimburses depositors’ money through the Deposit Insurance Fund (DIF). The DIF is backed by the U.S. government and funded by a type of insurance premium that banks pay plus interest earned on Treasury notes bought by the FDIC.

While most banks in the U.S., including online banks, are insured by the FDIC, not all of them are. Banks must apply for FDIC coverage. When you visit your bank, look for FDIC signs or ask a bank representative if the institution is FDIC-insured.

(Credit unions insure their money separately through the National Credit Union Administration, or NCUA vs. the FDIC.)

Account Coverage

When it comes to how much money banks insure, the amount is typically up to $250,000 per depositor, per account ownership category, per bank, though some banks may offer options for receiving additional coverage through special programs they’ve created.

Account ownership categories include:

•   Single accounts, such as a checking account or savings account that’s yours alone

•   Joint accounts, like an account you have with a spouse or another person

•   Certain types of retirement accounts you have at a bank, including an individual retirement account (IRA)

•   Trust accounts

•   Corporation, partnership, or unincorporated association accounts

In practical terms, what this means is that if you have two single accounts at the same bank, such as a checking account and a savings account, you’ll be insured for up to $250,000 of the combined balance of the two accounts. So you’ll want to make sure that both accounts don’t add up to more than $250,000. Anything over that amount would not be insured.

However, if an individual has a single account and a joint account at the same bank, or a single account and an IRA, they will be insured for up to $250,000 for the single account plus another $250,000 for the joint or IRA account because the accounts fall into different account ownership categories.

And if you have two single accounts but each one is at a different FDIC-insured bank, they will each be covered for up to $250,000. That’s because they’re at two separate institutions. In addition, some banks offer programs in which they will allocate deposited funds that total more than $250,000 per depositor among insured partner banks. This can allow the customer to have FDIC coverage in excess of the usual limits while one bank manages their money.

You can use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) to calculate your specific account coverage.

As a bank customer, you don’t have to do anything to get FDIC coverage. As long as your account is in an FDIC-insured bank, your money, up to the limit per account ownership type, is automatically covered. It can add to your sense of financial security to know you have liquid assets protected in this way.

History of Deposit Insurance

Deposit insurance dates back to the Great Depression, when approximately 9,000 banks across the U.S. failed between 1930 and 1933. The Depression caused widespread panic, and many people rushed to the bank to withdraw their funds. Banks couldn’t handle all the withdrawal requests, and many were forced to shut down. Many bank customers lost their money.

Because of that, President Franklin Roosevelt signed the Banking Act of 1933 into law, which created the FDIC to protect bank depositors. In January 1934, the agency began operating, insuring $2,500 per depositor. Five months later, the FDIC-insured amount was doubled to $5,000, and the FDIC became a permanent part of the U.S. financial system by law in 1935.

Fifteen years later, the FDIC insurance coverage was raised to $10,000 per depositor, and at that point it fully protected 99% of all deposit accounts in FDIC-insured banks. In 1969, the coverage was raised to $20,000, and in1974, amid high inflation and rising interest rates, it was increased to $40,000.

In 1980, President Jimmy Carter signed the Depository Institutions Deregulation and Monetary Control Act into law, raising the FDIC-insured limit to $100,000. Over the next 14 years, during the Savings and Loan Crisis, approximately 1,300 savings and loans failed, along with more than 1,600 banks. The FDIC covered the bank losses.

When the financial crisis known as the Great Recession hit in 2008, dozens of U.S. banks failed. But no insured bank depositors lost their money. (In the ensuing seven years, hundreds failed.) Two years later, in 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, permanently increasing the FDIC insurance limit to $250,000.

Recommended: APY Interest Calculator

Deposit Insurance Around the World

According to the Center for Global Development, 80% of high-income countries currently have deposit insurance in place, and the number of lower-come countries with deposit insurance has more than tripled. Here’s an overview of deposit insurance in the U.S. and the European Union.

United States (FDIC)

In the U.S, deposit insurance is handled by the FDIC, which was created as an independent federal agency in 1933, after the Great Depression. The FDIC works to make sure deposits are safe in the event of bank failures. Up to $250,000 per depositor, per account ownership category, per bank is insured as long as the money is in an FDIC-insured bank.

The other purpose of the FDIC is to help maintain stability and public confidence in the U.S. financial system. Since its inception, no depositor has lost a penny of FDIC-insured money.

European Union

In the European Union (EU), deposit insurance is known as national deposit guarantee schemes (DGS), and they protect the savings of EU depositors whose banks fail. Deposits are guaranteed up to €100,000. DGS are also designed to help prevent mass withdrawals in the event a bank fails and to promote financial stability.

In 2015, a proposal was introduced by the European Commission to set up one European deposit insurance scheme (EDIS) that would build upon the national DGS system in EU countries. Meant to strengthen and unify coverage, the EDIS would be a single European fund to insure up to €100,000 per depositor, per bank in case of bank failure. However, as of late 2024, the EDIS was still being debated by EU members.

Benefits of Deposit Insurance

Deposit insurance has a number of advantages for bank customers. These benefits include:

Insuring Deposits

Deposit insurance can provide peace of mind to depositors at FDIC-insured banks because up to $250,000 per depositor, per bank, per account ownership category is protected if the bank fails. Since the agency was created, no depositor has lost money in an FDIC-insured account.

Protecting Different Types of Deposit Products

FDIC protects various types of deposits at insured banks, such as:

•   Checking and savings accounts

•   Money market deposit accounts (MMDAs)

•   Certificates of deposit (CDs)

•   Prepaid cards, as long as certain conditions are met

Covering Various Account Ownership Categories

Deposit insurance pertains to different types of account ownership categories, including:

•   Single accounts, such as a checking account or savings account

•   Joint accounts

•   Certain types of retirement accounts a customer has at a bank, including IRAs

•   Trust accounts

•   Corporation, partnership, or unincorporated association accounts

Depositors are covered up to $250,000 per account ownership category, per FDIC-insured bank.

Automatic Protection

There’s no need to enroll in or pay for FDIC protection. As long as you deposit money in an FDIC-insured bank, your funds are automatically protected up to the limit.

Helping to Maintain Stability and Confidence in the Financial System

By protecting depositors’ money in case of a bank failure, deposit insurance helps instill confidence in the financial system and maintain the system’s stability.

Recommended: Money Management Tips

Limitations and Criticisms

For all its benefits, deposit insurance has come under criticism. And it does have limitations. Here are some of the main critiques.

May Encourage Banks to Take On Excessive Risk

Some critics believe that deposit insurance may encourage banks to take more risks since they know the FDIC will protect insured deposits and help bail out failing banks.

Coverage Is Not Enough

For many individuals, the $250,000 FDIC-insured limit may be enough (and, as noted above, some banks offer programs for enhanced coverage). But for businesses, especially those that use banks for payroll and other purposes, the limit may be too low.

Protection Does Not Extend to Certain Assets

There are a number of assets that deposit insurance does not cover. These include stocks; bonds; mutual funds; annuities; life insurance policies; cryptocurrency; and U.S. Treasury bonds, bills, and notes.

Uninsured Deposits

Deposits of more than $250,000 may be held by individuals and businesses. This could leave the account holder vulnerable in the very rare instance of a bank failure since insurance typically covers up to $250,000. (That said, some financial institutions may offer programs to protect more than that amount.)

In addition, not all banks are FDIC-insured. Individuals who have deposits in uninsured banks are at risk of losing their money if their bank fails. If your bank is not FDIC-insured, you may want to consider closing your bank account and switching to a financial institution that can give your money FDIC protection.

Finally, some depositors have more than $250,000 in two of the same account ownership category types. Their combined balance in a checking and a savings account might exceed the limit, for instance. They may not be aware of this, or perhaps they just haven’t gotten around to transferring money between banks to stay under the limit.

Other depositors may have combined bank accounts after getting married, for instance, and their new balance may exceed the limit.

If you have more than the insured limit in your bank account, there are ways to maximize FDIC insurance that you can explore.

How to Check If Your Deposits Are Insured

As mentioned, although the FDIC insures deposits in most banks, not all banks are protected. How can you tell if your bank is? If you use an online bank, the institution’s website should contain information about its FDIC coverage. If you use a brick-and-mortar bank, the next time you visit your local branch, check for a sign that says “FDIC-insured.” Each FDIC-insured financial institution is required to display official signs.

In the near future, it should be even easier to spot FDIC signage. In 2025, banks will be required to display the FDIC official digital sign on certain automated teller machines and to display it near the name of the bank on all bank websites and mobile applications.

Another way to find out if your deposits are insured is to use the FDIC BankFind tool.

Common Misconceptions About Deposit Insurance

There are a number of myths about deposit insurance. Here are some common misconceptions to be aware of.

•   Misconception: Every bank is FDIC-insured.
Fact: Most banks in the U.S. are FDIC-insured, but not every bank is. Look for FDIC signs at your bank’s branch or call the institution and ask them. You can also use the FDIC BankFind tool mentioned above.

•   Misconception: A bank customer has to apply for deposit insurance.
Fact: Customers do not need to apply for or buy FDIC insurance. The coverage is automatic for deposit accounts at FDIC-insured banks up to $250,000 per depositor, per account ownership category, per bank.

•   Misconception: Each deposit account a customer has is fully FDIC-insured.
Fact: The $250,000 limit applies per depositor, per account ownership category, per bank. So if you have two accounts in the same account ownership category type, such as a single checking account and a single savings account, you would be insured for up to $250,000 of the combined balance of each account.

•   Misconception: Every financial product offered by a bank is insured by the FDIC.
Fact: Deposit insurance only covers certain deposit accounts at an FDIC-insured bank. This includes checking and savings accounts, certain retirement accounts like IRAs containing deposit accounts, CDs, and money market deposit accounts. Investment products that are not deposit products, such as mutual funds, stocks, bonds, and annuities, are not FDIC-insured.

The Future of Deposit Insurance

Deposit insurance has changed numerous times throughout its history, and it’s possible it could change again. The FDIC has recently proposed certain reforms. In a May 2023 report, the agency outlined three options for deposit insurance reform.

The first is to leave the framework of the system as it is, but possibly raise the $250,000 limit. The second is to offer unlimited insurance to all bank depositors. And the third option is to provide targeted insurance with different limits for different account types. So, for instance, business accounts might get substantially higher insurance limits than other types of accounts.

The FDIC said that of these three options, targeted coverage “best meets the objectives of deposit insurance of financial stability and depositor protection relative to its costs.” However, action by Congress would be required to move forward.

The Takeaway

The Federal Deposit Insurance Corporation (FDIC) provides insurance that can help protect bank depositors in the very rare event of a bank failure. Its programs also help maintain stability and confidence in the U.S. financial system. As long as your bank is FDIC-insured, you are covered for up to $250,000 per depositor, per account ownership category. Deposit insurance applies to checking and savings accounts and CDs, among other deposit accounts. FDIC coverage is automatic — you don’t have to apply for or purchase it.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What is the FDIC insurance limit per depositor, per insured bank?

The FDIC insurance limit per depositor per insured bank is $250,000 per account ownership category type. Account ownership categories include single accounts; joint accounts; trust accounts; and corporation, partnership, or unincorporated association accounts.

Does deposit insurance cover investment products like stocks and bonds?

Deposit insurance does not cover investment products like stocks and bonds. It also does not cover mutual funds, life insurance, or annuities. Deposit insurance only covers certain bank deposit products such as CDs and money market deposit accounts, certain retirement accounts like IRAs, and checking and savings accounts.

How quickly can I access my insured deposits if a bank fails?

If a bank fails, the FDIC has historically paid customers their insured deposits within a few days. Typically, the FDIC will either provide the customer with the insured amount in a new account at another insured bank, or they’ll send the customer a check for the insured amount.


Photo credit: iStock/ovenimo

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third Party Trademarks: Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Breaking Down the Different Types of Debit Cards

In today’s cashless society, many electronic financial transactions are done with a debit card. Most debit cards are tied directly to a checking account and withdraw money from it whenever you make a purchase.

However, there are many variations available, such as business debit cards, prepaid debit cards, and HSA debit cards. Understanding the different types of debit cards is important so you can determine which options are right for you and how to use them effectively.

Key Points

•   There are different types of debit cards, including standard, prepaid, business, HSA, EBT, and other specialized options.

•   Standard debit cards are linked to checking accounts, withdrawing funds directly upon purchase.

•   Prepaid debit cards are often available in fixed denominations and can be bought at retail locations; some options are reloadable.

•   Business debit cards linked to business bank accounts help separate personal and professional expenses.

•   Virtual debit cards offer temporary numbers for secure transactions without needing to use a physical card.

Standard Debit Cards

A standard debit card is likely the one that most people are likely familiar with. If you have a checking account with a debit card, your standard debit card will be tied directly to your checking account. When you make a purchase with your debit card, the money is withdrawn from your checking account.

If you attempt to make a purchase with your debit card but don’t have sufficient funds, your purchase may be declined. If you have overdraft protection, the purchase may go through, but you will likely be charged overdraft fees.

Prepaid Debit Cards

Another type of debit card is a prepaid debit card. These prepaid debit cards are often sold in grocery stores, convenience stores, or pharmacies. Prepaid debit cards come in various denominations and often come with a small initial fee that you pay upfront. There are two main types of prepaid debit cards:

Reloadable Prepaid Cards

The first type of prepaid debit card is a reloadable prepaid card. When you buy a reloadable prepaid card, you can usually load it with a specific amount of money at the time of purchase. As you use your reloadable debit card, you can also add additional money to it. You don’t have to worry about overdraft fees when using a reloadable prepaid card, since you are limited to only spending the amount that is available on your card.

Gift Cards

In contrast to reloadable prepaid cards, gift cards are a different debit card variety, one that often comes in a specific preloaded denomination, usually ranging from $10 or $25 to several hundred dollars. Once you purchase the gift card, you cannot add any additional funds to it. You can continue to use the gift card anywhere its network (usually Visa, Mastercard, or American Express) is accepted, but once you have used up the initial funds, the gift card has no value.

Recommended: High-Yield Savings Account Calculator

Teen and Student Debit Cards

There are also debit cards that are targeted to certain demographics and often associated with a specific type of checking account. When you apply for a debit card as part of a teen or student checking account, your debit card will be tied to your account. However, usually anyone who is authorized to make purchases on the account (such as a parent and the child) can use the card.

Business Debit Cards

Another type of specialized debit card is a business debit card, typically associated with a business checking account. Business debit cards can be useful for owners of small businesses, since it helps them keep personal and business transactions separate, as they make purchases for their company, such as buying ad space or paying for supplies.

Recommended: 23 Ways to Make Quick Cash

Virtual Debit Cards

Many banks and other financial institutions support the creation of virtual debit cards. These virtual debit cards are temporary debit card numbers that are tied to your account. So you could leave your physical debit card at home and make purchases while out and about with a virtual debit card stored in your digital wallet. You can also use a virtual debit card to buy goods and services online and in apps.

Using a virtual debit card number can help protect your account from fraud since you don’t have to use your actual account number or debit card numbers when making a transaction.

Rewards Debit Cards

While perhaps not as common as rewards credit cards, there are some debit cards that offer rewards every time you use a debit card online or in a store. While the exact details will vary depending on the bank or debit card program, you might earn cash back, points, or discounts on certain transactions.

EMV Chip Debit Cards

While debit cards traditionally transferred information by way of a magnetic strip on the back of the card, many debit cards today have an EMV chip installed in them. EMV stands for Europay, Mastercard, and Visa — the companies credited with pioneering cards that have encrypted information stored in the chip. These chip debit cards are considered to be a more secure way of transferring personal details.

Contactless Debit Cards

Another way that debit cards transfer information when making a purchase is through wireless technology known as RFID (radio frequency identification). When you tap to pay vs. inserting your card into a reader, you are accessing this contactless technology. Debit cards that support contactless payment are becoming increasingly prevalent as users look for more convenient ways to make purchases.

ATM Cards

When comparing ATM cards vs. debit cards, it’s important to understand the differences between the two. Debit cards allow you full access to your account, including conducting such transactions as making purchases, getting cash back, and withdrawing cash from an ATM.

ATM cards are more limited, only allowing you to complete financial transactions at ATMs. You might withdraw cash, say, or transfer money between bank accounts.

Specialized Debit Cards

While most debit cards are tied to a checking account, there are some specialized debit cards that work in a different way.

Health Savings Account (HSA) Debit Cards

Health savings account (HSA) debit cards are tied directly to a specific health savings account vs. a checking account. If you have a high-deductible health plan, an HSA can offer a tax-advantaged way to set aside money for qualified medical expenses. When you use a debit card that is tied to an HSA, you are responsible for ensuring that it is used correctly on appropriate expenses. Otherwise, you might face taxes and/or penalty fees.

Electronic Benefits Transfer (EBT) Cards

Electronic Benefits Transfer (EBT) cards are given to participants of Supplemental Nutrition Assistance Program (SNAP). These EBT cards allow SNAP participants to purchase food and use their benefits in a more convenient fashion. An EBT card is loaded each month with the participant’s benefit amount and can be used at most grocery stores and other food retailers.

Choosing the Right Debit Card

Understanding what debit cards are can help you choose the right debit card for your situation. Most debit cards are tied to your checking account, so choosing the right debit card comes down to choosing the right checking account. How a bank’s debit card works is one factor in whether an account suits your needs. For instance, some people may prefer a contactless debit card over other options but will also want to look into such bank account features as monthly fees (if any) and the size of the ATM network.

In addition, different debit cards can suit particular needs, such as:

•   Allowing you to save for qualified medical expenses if you have an HSA

•   Paying for business expenses

•   Giving a gift card as a present

It’s always wise to comparison-shop a bit and compare what a few different possibilities can offer you.

The Takeaway

A traditional debit card is generally tied to a checking account, and purchases made with a debit card are deducted from your account balance. However, these may operate differently (some are contactless, for example) and offer different perks, such as rewards. There are several other types of debit cards, too. These include prepaid debit cards, EBT cards, and HSA debit cards. Understanding the different types of debit cards available can help you make the right choice for your needs.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What’s the difference between a debit card and a credit card?

The main difference between a debit card and a credit card is how funds for a purchase are financed. With a debit card, the funds are removed within a short period of time (often almost instantly) from your bank account. In contrast, purchases made with a credit card are funded as a line of credit with the credit card company. Each charge is posted to your account, and you then have until your statement date to pay for the purchases. If you don’t pay off the debt in full within the specified period, you are assessed an interest charge for the privilege of being extended this credit.

Can I use my debit card internationally?

Whether you can use your debit card internationally depends on the type of debit card you have as well as the policies of your bank or other financial institution. Many debit cards are issued by a major processing network such as Visa or Mastercard, and in most cases you can use them internationally, wherever those processing networks are accepted. If you’re not sure if you can use your debit card internationally, check with your bank before traveling.

Are prepaid debit cards safer than standard debit cards?

Prepaid debit cards come with many of the same fraud protections as standard debit cards. One thing to be aware of is that in many cases a prepaid debit card should be treated as cash. If you lose or misplace your prepaid card, you may not be able to access or recover the money that was on the card. With a lost or stolen debit card, if you cancel it quickly, you can have some protection against unauthorized usage.


Photo credit: iStock/Lordn

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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What Is a Regional Bank? A Comprehensive Guide

Regional banks are midsized financial institutions that typically serve a certain geographical area, such as a state or a particular region of the country. They occupy a middle ground between smaller community banks and large national banks and can offer a personalized approach, as well as a relatively large number of financial products and services.

While regional banks may not have a national footprint, they can offer a number of benefits that can make them an appealing option for both individuals and businesses, though they may not always have the services customers are looking for. Here are key things to know about regional banks.

Key Points

•   Midsized regional banks are those, per the Federal Reserve, that have between $10 billion and $100 billion in assets and typically serve specific geographic areas.

•   Regional banks tend to provide financial services like loans, credit cards, and investment products, with fewer branches than national banks.

•   They are typically FDIC-insured, ensuring deposit protection up to $250,000 per account owner and category at an insured institution.

•   Regional banks may face challenges from national and online banks, regulatory pressures, and economic vulnerabilities.

•   They can positively impact local economies by providing loans to small businesses and reinvesting in communities.

What Is a Regional Bank?

As defined by the Federal Reserve, regional banks are those that have between $10 billion and $100 billion in total assets. This makes them larger than community banks, which have assets under $10 billion, but smaller than national banks, which can have assets in the trillions.

Regional banks typically operate within a specific geographic region, which might be one or two states, several states, or a defined area like the Midwest or East Coast. For example, Prosperity Bank, headquartered in Houston, serves customers in two states (Texas and Oklahoma), while Zions Bank, based in Salt Lake City, serves what is known as the Intermountain West.

Unlike national banks, which often have a presence across the entire country, regional banks tend to focus on serving customers in their designated region or regions. They typically offer a variety of financial services, including checking accounts, savings accounts, personal and business loans, and sometimes investment products, and often serve as an important financial resource for local companies and industries.

Recommended: APY Calculator

Characteristics of Regional Banks

Regional banks have some distinct features that separate them from other types of banks:

•   Geographic focus: Regional banks often limit their operations to a specific geographic area. They may have branches across multiple states but generally do not extend their reach nationwide.

•   Asset size: Regional banks hold more assets than community banks but less than national and international banks, usually ranging from a few billion to one hundred billion dollars.

•   Range of services: Regional banks offer a broad array of financial services, including checking and savings accounts, loans, mortgages, credit cards, and business banking services. They may also provide investment products, though these offerings are usually not as extensive as those of larger banks.

•   Local expertise: Regional banks tend to have a strong understanding of the economic conditions and needs of the areas they serve. This allows them to offer financial solutions tailored to local businesses and customers.

•   Moderate branch networks: While regional banks have more branches than small community banks, their networks are usually less extensive than those of large national banks, averaging around 100. However, online and mobile banking allow customers to access their accounts from any location.

How They Differ From National and Community Banks

Banks generally fall into three size categories — community, regional, and national. While all three offer many of the same services, there are some key differences between them.

•   Community banks are the smallest, with assets under $10 billion. They are typically chartered at the state (rather than the national) level. These banks focus on serving local communities and have a limited geographic footprint compared to regional and national banks. In addition, their product offerings may be less extensive and digital banking capabilities might not be as advanced as larger banks. However, community banks are known for their strong commitment to customer service and local engagement.

•   Regional banks are larger than community banks, usually with between $10 billion and $100 billion in assets, and offer a broader array of products and services. They typically operate in multiple states but generally don’t have a national presence. Regional banks may be chartered at the state or federal level, depending on their size and operations.

•   National banks operate under a federal charter regulated by the Office of the Comptroller of the Currency and are generally the largest banks in the U.S. These financial institutions usually have more than $100 billion in assets. They typically have extensive networks of branches across the country and offer a wide range of services, enabling them to meet the diverse needs of individuals, businesses, and institutions. National banks tend to be well-known names like JPMorgan Chase, Wells Fargo, and Bank of America.

Recommended: How to Combine Bank Accounts

The Role of Regional Banks in the Financial System

Regional banks play a key role in the financial system by bridging the gap between community banks and large national institutions. They may provide a level of customized service that is often missing from big banks. At the same time, they offer a diverse range of financial products to meet the needs of individuals and businesses located within their region.

Crucially, regional banks often bring banking services to small towns and rural areas where larger financial institutions might not operate.

Services Offered by Regional Banks

Regional banks typically provide a variety of financial services for consumers and businesses and enable you to have multiple bank accounts under one roof. Here are some of products and services you can often find a regional bank:

•   Checking accounts

•   Savings accounts

•   Money market accounts

•   Credit cards

•   Personal loans/credit lines

•   Auto loans

•   Mortgages

•   Home equity loans

•   Business banking

•   Commercial loans

•   Individual retirement accounts (IRAs)

•   Taxable brokerage accounts

As you see, regional banks can offer a wide variety of financial products and services.

Advantages of Regional Banks

Regional banks can offer several benefits to their customers. Here are some to consider:

•   Local expertise: Regional banks tend to have a strong understanding of the economic conditions and financial needs of their communities. This local knowledge can allow them to make more informed lending decisions and offer products that are well-suited to the area.

•   Personalized service: Whether you need help opening a bank account or applying for a mortgage, regional banks often provide a level of personalized service that larger banks may lack. Customers can often build relationships with their bankers, who understand their financial history and needs.

•   Competitive rates: Regional banks may offer more favorable interest rates on loans and savings accounts to compete with national banks.

•   Digital and mobile banking: Like larger banks, regional banks typically provide digital and mobile banking options, allowing customers to manage their accounts, make payments, and transfer money between banks.

•   Support for local businesses: Regional banks can play a crucial role in financing small and mid-sized businesses, which are essential for local economic growth. They often provide loans, credit lines, and other financial services to help businesses expand and create jobs.

•   Community involvement: Many regional banks actively support local communities by sponsoring events, donating to charities, or offering financial education programs. This community involvement can help strengthen the bank’s relationship with its customers.

•   FDIC insurance: Regional banks can benefit from the same Federal Deposit Insurance Corporation (FDIC) insurance that protects cash deposits at larger banks. This means your money is insured up to $250,000 per depositor, per account category, per insured institution in the very rare event of bank failure.

Recommended: Does Switching Banks Affect Your Credit Score?

Challenges Faced by Regional Banks

Despite their advantages, regional banks also face several challenges:

•   Competition from national and online banks: Regional banks often compete with larger national banks that have more resources, larger branch networks, and a broader range of services. In addition, online banks are often able to offer better rates and fees, as well as more sophisticated digital banking options. This competition can make it difficult for regional banks to attract and retain customers.

•   Limited reach: Regional banks often only serve a specific geographic area. This can be limiting for people who travel often, have multiple residences, or are relocating (which could lead to someone closing a bank account at a regional institution).

•   Regulatory pressure: Due to the surprising recent failures of three regional banks (Silicon Valley Bank, Signature Bank, and First Republic Bank), U.S. bank regulators have stepped up their scrutiny and financial oversight of regional banks to help ensure that failures don’t happen again in the future. These occurrences are quite rare, and the government keeps a watchful eye to ensure the stability of U.S. banks.

•   Technological advances: As digital banking continues to grow, regional banks may struggle to keep up with the technological innovations of larger banks and fintech companies. Limited resources can make it difficult to invest in advanced digital platforms and services.

•   Economic vulnerability: Because they focus on specific regions, regional banks may be more vulnerable to economic downturns or sector-specific challenges within their service area. This can impact their financial stability. However, as noted, regional banks insured by the FDIC are safe places to keep your money up to the insurance limits.

The Impact of Regional Banks on Local Economies

Regional banks offer loans and credit to small and midsize businesses, helping to fuel local economic growth and job creation. In fact, regional banks serve as the source of nearly one-third of small business bank lending in the U.S, according to the Bank Policy Institute.

Many regional banks also reinvest in the communities they serve, whether through charitable donations, sponsorship of local events, or support for community development projects. This involvement helps strengthen local economies and fosters a sense of community that can help attract and retain both businesses and residents.

The Takeaway

Regional banks play an important role in the banking industry. They offer many, if not most, of the products and services you might find at a national bank but can provide a more personalized experience due to their midsize scale.

That said, regional banks may not offer every financial product or service you need. They also have smaller footprints than national banks, making them less practical if you travel frequently or may need to relocate in the near future.

If you’re considering opening a new bank account, also see what online banks offer.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.


Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

How large is a typical regional bank?

Regional banks are banks with $10 billion to $100 billion in assets, typically making them larger than community banks but smaller than national banks. Regional banks usually operate within a defined geographic area, covering multiple states or a particular region of the country. They may offer more products and services than a community bank but generally not as many as you would find at a national bank.

Are regional banks FDIC-insured?

Yes, regional banks are typically insured by the Federal Deposit Insurance Corporation (FDIC). This means your deposits are protected up to the legal limit, which is $250,000 per account owner (co-owners of joint accounts are each insured up to $250,000), per account category, per insured institution. If you have money in an FDIC-insured bank account and the bank fails (a very rare occurrence), the agency reimburses you for any losses you incur, up to the insured limit.

Can I use a regional bank if I move out of the area?

Yes, you can generally still use a regional bank if you move out of the area. Regional banks typically offer online and mobile banking services, allowing you to manage your accounts and make payments from any location. However, access to physical branches may be limited or unavailable outside the bank’s primary service area. If in-person banking is important to you, it might be challenging to continue using a regional bank after moving out of the area.


Photo credit: iStock/stocknshares

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2025 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.


SoFi members with direct deposit activity can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 3.80% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Separately, SoFi members who enroll in SoFi Plus by paying the SoFi Plus Subscription Fee every 30 days can also earn 3.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. For additional details, see the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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